Bob Borochoff, CEO and managing partner of the four-store chain, said the property was sold to provide for the family of the late Scott Cragin, a partner in the business. The sale also allowed Borochoff to buyout his partners.

The Westheimer location will continue to operate until next year when it plans to move into a new location in the same area, the announcement said.

Borochoff did not reveal in the announcement the buyer of the prominent parcel. He could not be reached for a follow-up Wednesday morning.

Update: The buyer of the property is Hines. Last month, the company said it was considering a project in the area as it ramps up its apartment development in Houston and elsewhere.

Spokesman George Lancaster confirmed the Cafe Adobe purchase: “We are excited to soon be announcing a fabulous new multifamily development,” he said. “It will be an upscale for-rent project in keeping with the character of the fun River Oaks/Montrose neighborhood.”